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Frequently Asked Questions About Installment Loans in Winnipeg, Manitoba
What is an installment loan?
An installment loan is any type of loan, either personal or business, that requires the loan be repaid in set, regular installments. This actually covers most types of loan! Installment loans can be used for many different purposes, making them a versatile yet predictable way to borrow money.
Where’s the best place to get an installment loan in Winnipeg?
That depends on your needs! The amount you need to borrow, for how long, how quickly, and what for all come into consideration here, as does your personal financial circumstances – your credit score, income, existing debts, and so on. All of this combines to mean the list of lenders who can both meet your needs, and whose eligibility criteria you meet, may be quite short. The list shown above represents quite a wide array of the possibilities, of which there are many in such a large city as Winnipeg. The good news here is that this bustling loan market, catering to three quarters of a million people, has an option for everyone.
How much can I borrow with an installment loan in Winnipeg?
Again, this depends on your circumstances. The more secure your financial position (meaning the higher your credit score and the higher your income), the more you will be able to borrow. Amounts up to $50,000 are available for personal installment loans for the most qualified borrowers in Winnipeg. Those with a lower credit score, uncertain or low income, or a lot of other debts are unlikely to qualify for as much as this. And if you don’t need a lot, you don’t have to borrow a lot – amounts as low as $500 are available in Winnipeg if that’s all you need.
Do I need to pass a credit check to get an installment loan in Winnipeg?
Credit checks are an important part of many loan approval processes, and traditional lenders like banks and credit unions will need one for their installment loans. These checks usually require you to have a score of 600 or more – not a problem for many, as the average credit score in Winnipeg is 638. However, low credit borrowers still have options, either through no credit check loans, or bad credit loans. There are plenty of providers who offer these loans in Winnipeg. Both of these types of loan cost more than a standard installment loan (because borrowers accessing these loans tend to be at higher risk of default, and so are charged more interest) but if you need a loan and have poor credit, you absolutely have choices.
How much does an installment loan in Winnipeg cost?
Interest rates on Winnipeg installment loans vary, and depend on the type of loan you get, the lender you get it from, and your personal circumstances. The most qualified borrowers may pay as little as 5.75% for a personal installment loan, while those with poor credit or no income may only qualify for a much higher rate, up to 50% in some cases. Generally, the shorter term your loan, the higher the rate will be too – so it’s important to consider how quickly you’ll be able to pay back your installment loan when calculating its overall cost.
Written by:
Amy Orr
Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.
Reviewed by:
Jenna West
Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.
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